Elon Musk has sold $6.9 billion of his shares in Tesla Inc. which was considered to be the biggest sale on record. He mentioned that he did so as he was in the requirement of cash in case he was forced to go ahead along with his aborted deal to buy for Twitter.

HIGHLIGHTS
Tesla's CEO has offloaded around 7.92 million shares on August 5
Musk has been terminating the agreement to buy the social network
Musk has sold around $32 billion worth of stock in Tesla over the past 10 months

Elon Musk has tweeted on Tuesday after the sales were revealed in a series of regulatory filings, “In the event that Twitter had forced this deal to get close and some equity partners do not come through, it's vital to avoid an emergency sale of Tesla stock.”

He has been asked by his followers that if he was done selling and would purchase Tesla stock once more if the $44 billion deal does not shut. Well, Musk had responded “Yes” as the answer to the follower’s question.

As per the new filings, Tesla's CEO has offloaded around 7.92 million shares on August 5. The sale would come simply for four months after the world's richest person had mentioned that he had no future plans to sell Tesla shares after disposing of $8.5 billion of stock within the wake of his initial stock to purchase Twitter.

Last month Musk has mentioned that he was terminating the agreement to buy the social network where he has over 102 million followers and would take it to private, claiming that the company has been making “misleading representations” over the number of spam bots on the service. Since, Twitter has sued to force Musk to consummate the deal, and the trail in the Delaware Chancery Court has been set for October.

In May, Musk had dropped the plans to partially fund the acquisition with a margin loan which was tied to his Tesla stake and which had increased the size of the equity component of the deal to $33.5 billion. Previously, he had declared that he secured $7.1 billion of equity commitments from investors which would include Larry Ellison, Sequia Capital and Binance.

Currently, Musk has sold around $32 billion worth of stock in Tesla over the past 10 months. The disposals had already started in November when Musk, a prolific Twitter user had polled users of the platform on whether or not he should be trimming his stake. Well, the purpose of the most recent sales has not been clear yet.

Tesla shares have witnessed a rise of about 35 percent from recent lows that had reached in May, even though the shares were still down by 20 percent this year.

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